Take advantage of the terms in your existing mortgage loan. Whether you have a FHA, VA, Conventional or ARM loan, we can help you learn how to use its power when you sell. Even if you have negative equity, your existing loan can be transferred to a seller for a premium of your choice. This is a decades old strategy founded by the Federal Government and can be leveraged whenever you sell, with or without an agent.
Lenders are required to send a full release of liability letter to the seller once the loan is assumed. All you have to do is start the process. Home owners are freed of their mortgage commitment once the buyer agrees to the terms within the assumption package. The buyer will relieve you of your debt obligation and take over all remaining payments for the duration of the loan.
Transferring your existing loan preserves credit, saves taxable income, and prevents deficiency judgments. Why?When a buyers takes over the terms all liability shifts to them. Since this process works differently than a shortsale it can also prevent foreclosures, and streamline divorce settlements.